HAMMOND, LA. — CBRE has secured a $53 million, 10-year loan for Hammond Square located in Hammond. Jonathan Rice, C.J. Kelly and Porter McDonald of CBRE arranged financing through Morgan Stanley on behalf of the borrower, Stirling Properties. Tenants at the center include Sears, Target, T.J. Maxx, JC Penney, Dillard’s, Ulta Beauty, Best Buy, Academy Sports + Outdoors and AMC Movie Theater.
LAWRENCEVILLE, GA. — Shane Investment Property Group has brokered the $4.9 million sale of Old Norcross Plaza, a 38,800-square-foot, unanchored shopping center located in Lawrenceville, a northeastern suburb of Atlanta. Comprising two recently built buildings, Old Norcross Plaza was 80 percent leased at the time of sale to local tenants. Jeff Enck of Shane Investment Property Group represented the seller, a private investor based in California, in the transaction. The buyer was an unnamed private fund based in Atlanta.
HOUSTON — EDGE Realty Partners has arranged two retail leases totaling 3,078 square feet at separate shopping centers located in Houston. In the first transaction, EDGE Realty Partners negotiated a 1,730-square-foot lease for OXXO at Sandbridge Plaza at the intersection of Eldridge Parkway and Sandbridge Drive. In the second transaction, the brokerage firm arranged a 1,348-square-foot lease for One Stop Nutrition at Briar Forest Plaza at the intersection of Eldridge Parkway and Briar Forest Drive in Houston. Hannah Smith of EDGE Realty Partners represented the landlord, West Houston Retail, in both transactions. Schuyler Pulford of Remax Commercial represented OXXO, and Jim Hendrix of Streetwise Retail Advisors represented One Stop Nutrition.
BERKELEY, CALIF. — Landmark Properties has acquired The Bancroft Center, a mixed-use site that sits adjacent to UC Berkeley, for $18.5 million. The property is located at 2580 Bancroft Way. The center currently houses nine retail tenants. It also contains the Fred Turner Building, a city-designated landmark that will be preserved in any future development. Frank Wheeler, Brandon Geraldo, Tony Crossley and Tim Maas of Colliers represented the seller, Bancroft Center Company.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use building located at 1260 Broadway in Brooklyn’s Bedford-Stuyvesant neighborhood. Situated between Green and Lexington avenues, the 7,000-square-foot property sold for $2.2 million, or $314 per square foot, in an all-cash transaction. The four-story walk-up building consists of three two-bedroom apartments, three one-bedroom apartments and one retail unit. Renovated in 2000, the property is fully free market with preferential rents. A preferential rent is a rent that an owner agrees to charge that is lower than the legal regulated rent that the owner could lawfully collect. Michael Amirkhanian of Cushman & Wakefield brokered the transaction. The names of the buyer and seller were not released.
BIG RAPIDS, MICH. — Agree Realty Corp. has sold Ferris Commons, a shopping center located in Big Rapids, about 60 miles north of Grand Rapids. The 173,557-square-foot center sold for $5.8 million to an undisclosed buyer. Agree Realty Corp. originally developed the property, which was 99.5 percent occupied, in 1990. The company has increased its 2015 disposition guidance to a range of $40 million to $50 million, with anticipated dispositions of both non-core shopping centers as well as select net-lease assets. Including this sale, Agree Realty has disposed of approximately $15 million year-to-date.
DELAVAN, WIS. — An undisclosed developer has acquired a 4,800-square-foot building net leased to Panera Bread in Delavan, approximately 49 miles west of Kenosha, Wis. The purchase price of the property, located at 1905 Geneva St., was $2.3 million. Dominic Sulo and Chad Lieber of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, and secured the buyer in the transaction.
OKLAHOMA CITY — Mortgage banking firm Q10 | Professional Mortgage Co. has arranged a $7 million permanent loan for Chatenay Square, a shopping center in the southwest submarket of Oklahoma City. A life insurance company provided the capital. The borrower was not disclosed. Chatenay Square comprises 113,739 square feet and is anchored by a supermarket. Bryson G. Thomason, president, and Franklin “Trey” Warren III, vice president, led the transaction for Q10.
DULUTH, GA. — The Southeast investment sales team at SRS has brokered the $15.7 million sale of Venture Pointe, a 335,151-square-foot regional power center situated at the northwest corner of Venture Drive and Steve Reynolds Boulevard in Duluth, a northeast suburb of Atlanta. The power center is located at 3855 Venture Drive near Gwinnett Place Mall and I-85. Venture Pointe’s tenant roster includes anchors Kohl’s, Big Lots and Golfsmith. The seller, Situs Holdings LLC, sold the property via Auction.com. Kyle Stonis and Pierce Mayson of the SRS Atlanta office, along with Tony Bartlett and Chip Sipple of Lincoln Property Co., represented Situs in the sale. The undisclosed buyer was represented internally.
MAUI, HAWAII — Lowe’s has acquired an 11-acre site at Maui Business Park II in Kahului for $18.7 million. The property is situated in Maui’s retail and industrial core near Kahului Airport. Lowe’s plans to build a 167,000-square-foot store on the site. The new property will be 16 percent larger than its current store in Kahului, which is leased from a third party. Maui Business Park is anchored by Maui’s first Target store. Recent buyers within the park include the County of Maui, Servco Pacific, American Savings Bank, Pacific Pipe and Shelton Holdings (BMW). Maui Business Park I is home to Walmart, Home Depot, Costco, Sports Authority, Office Max, Kmart and Pier1 Imports. The seller was A&B Properties, the real estate subsidiary of Alexander & Baldwin.
